WE SPEAK ACCOUNTING
BaCo Tech is an accounting workflow software that helps CPAs and their clients eliminate many of the pain points that are experienced caused by the traditional method of doing tax and accounting.
By functioning as middleware between a client's ERP and a CPAs tax prep, practice management, or audit software, our transaction-based workflow brings a client's data into a centralized place in real-time, for proactive audit and tax services.
How It Works
Traditional workflow platforms for CPAs are solutions that allow us to start our work when we receive the financial statements or trial balances from clients, typically sometime in February. Returns are due in March and April, so these solutions give us about 60 days to finish every return. This is impossible, so CPAs extend based on guestimates and spend our year cleaning up client issues and questions from the previous year.
This traditional workflow is what we call a "balance-based workflow" and it is the primary reason we are so inefficient. CPAs commonly point to issues like time compression, redundancies, or client issues as our reason for inefficiency, but those are merely symptoms.
BaCo Tech is a Transaction-Based Workflow that changes that narrative by delivering a living trial balance, constantly updated throughout the year. BaCo Tech allows you to have all the needed adjustments complete by February so you can file returns for your clients with the click of a button. Instead of waiting to start in February, you can be done by February, and spend the rest of the year focusing on your clients current year questions and issues.
By replacing the balance-based workflow with a transaction-based workflow, the issues that most people believe make our workflow difficult - inconsistent formatting of accounting data, access to client files, redundancy, time compression, and client issues - were all solved.
BaCo Tech's transaction-based workflow allows clients to focus on their businesses and CPAs to focus on their clients. By gathering all the data for the CPAs and their clients, CPAs can now work on tax returns and accounting in real-time, eliminating the time compression and deadline stress that CPAs and their clients endure every year. Instead of worrying about the deadlines, CPAs can help their clients run a better business.
- Have Centralized access to all client data for financial reporting and tax return prep
- Receive Real-time notifications for fixed asset additions, book and tax depreciation, and client issues
- Add tax fixed assets throughout the year
- Work on this year's tax and accounting, this year
- Automate TJEs and other tax adjustments
- Provide real-time taxable income throughout the year for all your clients
- The freedom from the headache of gathering and delivering their accounting data
- Real-time projections of taxable income
- Clarity rather than confusion over unexpected tax consequences
- Proactive Services, addressing issues in books as they happen, not months after
- Real-time income statements
- Access to real-time consolidated financial statements, including EBITDA